     Helen Dawson (Downinout) | Wednesday, February 28, 2001 - 05:55 pm 
My scores are very low low 500's I also have 4 judgement 2 that are paid and 2 @ approx4,000.
I have a bankruptcy(91) that has never shown discharged. My question can I get a mortage if I put down at least 25% or will I have to pay judgements and put down 25% |
| Christine Baker (Admin) | Wednesday, February 28, 2001 - 07:24 pm
You'll have to satisfy (settle) the judgments and if you have the bankruptcy discharge papers it shouldn't be a problem.
You can probably get a mortgage, but the rates will be high. You need a good mortgage broker to review your credit and tell you what programs you'll qualify for.
It would be well worth your while cleaning up your credit reports. |
| Shelby Hrcek (Shelby) | Saturday, April 07, 2001 - 08:34 pm
My husband and I are trying to buy a house and we need some advice. We have applied with two mortgage brokers who specialize in "creative financing" They have both told use that the only thing we qualify for is a 85% loan with a 15% seller carry back and at a rate of 11-11.5% We have had problems even finding properties where the seller is willing to carry back. But we have found a house that we like where the seller is offering a lease purchase. Basically we would lease the house for about 8 months and then purchase...they want it sold by Jan. 2002. They did, however, say they would consider a 15% seller carryback and if they did we could purchase right away without having to lease first which would be good for us because we need a tax write off. But I am wondering if we would be better of leasing for the 8 months while we aggressively work on improving our credit so that at the end of the lease we could qualify for a mortgage at a better rate and without the seller carryback. We recently hired Junum to work on our credit and I am getting lots of helpful information from this board but am just not sure what is realistic for us in terms of how much we could raise our scores in that time frame. This is what our score are now: Exp. 520, TU 513, Equifax 479 for me and Exp. 534, TU 499, and Equifax 524 for my husband. Income and debt ratio are not a problem....combined income of $10000 per month with low debt ratio (because we can't get credit!) How much can we expect our scores to increase after removing negatives....most of them are over 2 years old. And how much can we expect them to improve after adding positive credit lines. Right now i only have 1 credit card and my husband only has 1 credit card and a brand new car loan. Which will boost our credit scores the most and the fastest...removing negatives or adding positives? Any advice or suggestions would be greatly appreciated. Thanks! |
| Christine Baker (Admin) | Monday, April 09, 2001 - 01:07 pm
I can't tell you a thing without reviewing your reports.
Sorry, no crystal ball. |
